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Daily Digest

Austin Peay Convenience Store Sells for $1.7 Million

Chattanooga, Tenn.-based Memphis C-Store LLC has bought a convenience store at 4861 Austin Peay Highway from Boonie R. Cranford for $1.7 million. The purchase was financed with a $1.7 million loan through Fidelity Bank that matures in November 2035.

The building is a 4,080-square-foot store built in 2006. It sits on 4.7 acres on the west side of the intersection of Austin Peay Highway and Bolen Huse Road in unincorporated Shelby County. The seller bought the then-vacant property in September 2005 for $275,000, according to sale documents filed with the Shelby County Register of Deeds.

The Shelby County Assessor of Property’s 2010 appraisal was $757,300.

Source: The Daily News Online & Chandler Reports

– Kate Simone

FedEx Expands LTL Offerings

FedEx Freight Corp. has launched its new unified less-than-truckload network, offering customers the choice of two levels of service from a single company.

Both services – FedEx Freight Priority and FedEx Freight Economy – are designed to meet the needs of today’s LTL shippers.

FedEx Freight Economy is an economical choice for less time-sensitive freight.

“By providing two reliable services through one company, FedEx Freight is simplifying the LTL carrier selection process for customers,” president and CEO of FedEx Freight Bill Logue said in a statement. “Further, our unique network design and proprietary technology allow FedEx to deliver the service choices to our customers in all lengths of haul.”

Both FedEx Freight LTL services are offered through one pickup and delivery network – an easier, more convenient way to do business that customers have requested.

“We are pleased to offer a new approach to LTL, based on attributes our customers have told us they value,” Logue said. “Our streamlined network is engineered to deliver excellent service to customers, while allowing FedEx Freight to maximize existing capacity and support future growth.”

– Sarah Baker

Three Memphis-Area Cos. Enforce Lay-Offs

Three Shelby County companies have filed Dislocated Worker Unit Report of Official Notices with the Tennessee Department of Labor and Workforce Development.

On Jan. 29, A.J. Wright Store #233 began the process of laying off 35, to be completed by Feb. 8.

Framingham, Mass.-based A.J. Wright – a division of TJX Cos. – sells off-price family apparel, home fashions and other merchandise. The discount store announced in December the shuttering of all A.J. Wright stores by mid-February, cutting 4,400 jobs and converting some stores to other brands such as T.J. Maxx.

Meanwhile, StoneRiver Inc. laid off 15 on Jan. 27. Memphis’ affiliate of the Oakland, Calif.-based company is StoneRiver – Pharmacy Solutions, which represents the nation’s largest network for processing workers’ compensation pharmacy claims, serving more than 60,000 pharmacies.

Also, Old Time Pottery Inc. laid off 37 on Dec. 29. In August, Murfreesboro, Tenn.-based Old Time Pottery officially closed its Chapter 11 bankruptcy reorganization case, and closed its doors in Lakeland in December, ending its 23-year run. The company has about 3,000 employees at 29 stores in 10 states.

– Sarah Baker

AMB Property and ProLogis Agree to Combine

The real estate investment trusts AMB Property Corp. and ProLogis said Monday they have agreed to combine in an all-stock deal that will create a global powerhouse in warehouses and other industrial real estate.

The combined company will have operations in 22 countries. Both companies operate in North America, Western Europe and Japan. They said ProLogis is established in the United Kingdom and Central and Eastern Europe, while AMB has a significant presence in China and Brazil.

Under the agreement, each ProLogis share will be converted into a 0.4464 AMB share. That values ProLogis at $8.36 billion based on AMB Property’s closing price on Friday.

The companies describe the deal as a merger of equals. But ProLogis shareholders will own 60 percent of the combined company, which will keep the name ProLogis and trade under its ticker PLD.

The deal is expected to close in the second quarter of 2011.

AMB CEO Hamid R. Moghadam and ProLogis Walter C. Rakowich will serve as co-CEOs through the end of 2012. Then Rakowich will retire and Moghadam will become sole CEO and chairman of the combined company.

It will have its corporate headquarters in San Francisco, where AMB is based, with operational headquarters in Denver, where ProLogis is currently based.

Denver-based ProLogis, which owns warehouses and other industrial properties, said last week it was considering the combination. San Francisco-based AMB issued a similar statement.

– The Associated Press

Harris Shelton Attorney Wins Fellow Recognition

Campbell was awarded the recognition because of his “devoted and distinguished service to the legal profession, the administration of justice and the adherence to the highest standards of professional ethics and personal conduct,” the firm said.

Campbell, who practices in Harris Shelton’s Downtown office at One Commerce Square, is an active member of the community, serves on several boards and volunteers with various charitable organizations.

– Andy Meek

MSO Receives $1M+ in Grants

The Memphis Symphony Orchestra has been awarded more than $1 million in grants for continuation of the organization’s community engagement practices.

The grants include $400,000 from the Plough Foundation, $75,000 from the Thomas W. Briggs Foundation and $550,000 from The Andrew W. Mellon Foundation, totaling a little more than $1 million.

The Memphis Symphony’s engagement efforts include Opus One, a series of un-conducted performances in unexpected venues in collaboration with musicians in non-symphonic fields.

The grants will provide support for musicians’ continuing education and creative development activities and allow the musicians to engage the community in a variety of ways.

– Taylor Shoptaw

Glankler Brown Announces 2011 Management Committee

Glankler Brown PLLC has announced the members of its 2011 management committee, a group that addresses firm matters and advises other members and staff on administrative issues.

Memphis Firm Acquires Two Atlanta Properties

Both outparcels – each leased on a long-term basis to AT&T and IHOP – are freestanding buildings located adjacent to Home Depot on a major retail artery in Woodstock, Ga.

Woodstock is about 25 miles north of Downtown Atlanta. Immediate area retailers include the Home Depot, Lowe’s, Target, and Wachovia.

AT&T is one of the largest communications companies in the world with a market cap of $168B and is currently A-rated. IHOP is one of the largest full-service restaurant brands in the United States with 1,476 stores in all 50 states.

Cypress Realty Holdings’s principals are Price Ford and Joe Jarratt, who are also principals in Ford Jarratt Realty & Development Co. The company seeks A- to C+ assets of $12 million or less per property, which allows it to spread capital and diversify risk to as many projects as possible.